Aquestive Therapeutics (AQST) financial statements
Aquestive Therapeutics reported revenue of $45M in fiscal 2025, down 5.0% a year over 8 years.
Net income was -$84M and the operating margin -159.5%, against -0.2% in 2017.
Free cash flow was -$53M.
The diluted share count rose 416% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aquestive Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67M | $67M | $53M | $46M | $51M | $48M | $51M | $58M | $45M |
| Cost of revenue | — | — | $20M | $13M | — | $19M | $21M | $18M | $19M |
| Gross profit | — | — | $32M | $33M | — | $28M | $30M | $40M | $26M |
| Research and development | $22M | $23M | $21M | $20M | $17M | $17M | $13M | $20M | $17M |
| Selling, general and admin | $25M | $72M | $64M | $56M | $53M | $53M | $32M | $50M | $80M |
| Operating income | -$113,000 | -$49M | -$53M | -$43M | -$35M | -$42M | -$15M | -$31M | -$71M |
| Interest expense | $8M | $8M | $9M | $11M | $10M | $7M | $6M | $11M | $11M |
| Pre-tax income | -$9M | -$61M | -$66M | -$56M | -$71M | -$54M | -$8M | -$44M | -$84M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $245,000 | -$14,000 | $0 |
| Net income | -$9M | -$61M | -$66M | -$56M | -$71M | -$54M | -$8M | -$44M | -$84M |
| EPS (diluted) | — | -$2.96 | -$2.61 | -$1.66 | -$1.85 | -$1.12 | -$0.13 | -$0.51 | -$0.78 |
| Diluted shares | — | 21M | 25M | 34M | 38M | 49M | 61M | 87M | 107M |
| Gross margin | — | — | 61.3% | 71.7% | — | 59.3% | 58.8% | 69.0% | 58.3% |
| Operating margin | -0.2% | -72.6% | -100.1% | -93.6% | -68.2% | -88.2% | -29.9% | -53.5% | -159.5% |
| Net margin | -13.4% | -91.0% | -125.9% | -121.7% | -138.8% | -114.1% | -15.6% | -76.7% | -188.1% |
Balance sheet
Fiscal years, from Aquestive Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $17M | $61M | $49M | $32M | $28M | $27M | $24M | $72M | $121M |
| Receivables | $6M | — | — | — | — | — | $8M | $7M | $18M |
| Inventory | $4M | $5M | $3M | $2M | $4M | $6M | $7M | $6M | $6M |
| Total current assets | $28M | $74M | $68M | $45M | $47M | $40M | $41M | $88M | $149M |
| Property, plant and equipment | $13M | $12M | $10M | $7M | $5M | $4M | $4M | $4M | $4M |
| Total assets | $43M | $87M | $78M | $63M | $62M | $57M | $57M | $101M | $160M |
| Total current liabilities | $15M | $33M | $19M | $21M | $22M | $40M | $18M | $19M | $48M |
| Long-term debt | — | — | — | — | — | $33M | $28M | $32M | $28M |
| Total liabilities | $70M | $77M | $85M | $111M | $144M | $176M | $164M | $162M | $194M |
| Shareholders' equity | -$26M | $10M | -$6M | -$48M | -$82M | -$119M | -$106M | -$60M | -$34M |
| Net debt | -$17M | -$61M | -$49M | -$32M | -$28M | $6M | $4M | -$39M | -$84M |
Cash flow
Fiscal years, from Aquestive Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6M | -$13M | -$60M | -$45M | -$33M | -$10M | -$6M | -$36M | -$52M |
| Capital spending | $2M | $2M | $663,000 | $517,000 | $913,000 | $1M | $995,000 | $159,000 | $562,000 |
| Free cash flow | $4M | -$15M | -$61M | -$46M | -$34M | -$11M | -$7M | -$36M | -$53M |
| Stock-based compensation | $0 | $30M | $7M | $7M | $7M | $4M | $3M | $7M | $8M |
| Net borrowing | $5M | $0 | $20M | -$22M | $0 | $0 | -$20M | -$23,000 | -$26,000 |
| Free cash flow margin | 5.6% | -22.0% | -115.7% | -100.3% | -66.7% | -22.7% | -14.6% | -62.4% | -119.0% |
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Open AQST in InvestinglyQuestions
What was Aquestive Therapeutics's revenue in 2025?
$45M in fiscal 2025, from its 10-K filing.
How much free cash flow does Aquestive Therapeutics generate?
-$53M in fiscal 2025 (operating cash flow minus capital spending).
From Aquestive Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.